1999 - 11-15-99 Regular Meeting - Laserfiche WebLink

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BOCK 17 P-1GE 921 032 • RESOLUTION NO. 99- A RESOLUTION EXTENDING PREVIOUSLY GRANTED CONSENT OF THE COUNTY OF LEE TO DECEMBER 31, 1999 WHEREAS, Lee County, Grantor, granted to Charter Communications II, L.P., Grantee, a franchise as set forth in an ordinance adopted on January 19, 1998, to own and operate a cable television system in Lee County, North Carolina (the "Franchise"); WHEREAS, in a resolution dated November 16, 1998, Grantor consented to the restructuring of the Grantee and the transfer of control and assignment of the Franchise of the cable system serving the Grantor to Charter Communications, LLC ("Transferee"), as well as the change of name or corporate designation attendant with the restructuring of the Grantee; WHEREAS, in paragraph six of the same Resolution, Grantor provided its consent to Transferee for an "initial public offering" provided that such transactions occurred prior to September 30, 1999; and WHEREAS, additional time is needed to complete an "initial public offering" authorized in paragraph six of the Resolution. • NOW, THEREFORE, BE IT RESOLVED, that: 1. Grantor hereby extends the authority granted in paragraph six of the resolution dated November 16, 1998, to December 31, 1999, such that the Transferee may (a) assign or transfer its assets, including the Franchise provided however, that such assignment or transfer is to a parent or subsidiary of Transferee or another entity under direct or indirect control of Paul Allen; (b) restructure debt or change the ownership interests among existing equity participants in Transferee, and/or its affiliates; (c) pledge or grant a security interest to any lender(s) of Transferee's assets, including but not limited to the Franchise, or of interests in Transferee, for purposes of securing an indebtedness, without obtaining prior consent of Grantor; (d) sell capital stock of Transferee, or any of Transferee's affiliated companies, in a transaction commonly known as an "initial public offering" provided that: the Transferee represents in writing to Grantor that such transaction will have no foreseeable effect on the agreement between Grantee and Transferee relating to the management and operation of the cable system in the franchise service area, provided further that such transaction takes place prior to December 31, 1999. • 98399.1